The point I was making about buying power was that raising the minimum wage will not increase the buying power of those at the minimum because costs will adjust to match.
Good point. Except, of course, that we've raised the minimum wage before, and there's never been inflation related to the wage increase, ever. one of those things that sounds promising in your head, but on paper makes no sense and in practice is obviously idiotic.
For costs to "adjust to an increase in the minimum wage" that increase would have to be, in aggregate, about 1000 times larger than it actually is (not hyperbole, it's really that stupid of an idea). About 3 million workers are paid minimum wage. They work about an average of 1000 hours per year. Raising the minimum wage $5 an hour brings in about another 2 million employees who would now be below the federal minimum, also averaging about 1000 hours per year. So let's just say 5 million at 1000 hours each, or 5 billion hours per year. Let's also just assume they all get a raise of $5, pushing an extra $25B into the economy annually. Your argument is that this $25B increase into a 15 TRILLION+ GDP is going to cause inflation.
Can you really not see how ******* mindnumbingly stupid that is?
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